US Steel and Nucor out with $40/st sheet steel price hikes

摘要

US Steel and Nucor announced plans Thursday to raise sheet prices by a minimum of $40/st on Thursday afternoon, effective immediately. It is the second round of price increase announcements this year as most major US steelmakers announced price hikes in early January in an attempt to revive market momentum after the holiday lull in December. Most market participants had been anticipating a price increase by the end of this week. Mills regained some pricing momentum recently as March scrap prices now look likely to settle higher from February. The shift in the scrap outlook through February was driven by an improving export market for US scrap.